Even though 2005 was the Company's second-best level of net income and EPS, the effects from various operational issues that arose throughout the year at our US Argo facility hurt the bottom line. However, the year had several important positives, with our South American business posting its best year ever for sales and operating income and our Asia-Africa segment continuing its recovery to near-record sales and profit levels. We also strengthened our balance sheet and achieved record operating cash flow.
More Quotes from Sam Scott:
We're cautiously optimistic about prospects for meaningful earnings growth in 2006. We have achieved higher contract pricing in our US and Canadian businesses for 2006. We are focused on resolving the issues in our US operations, and expect a continuation of solid performances in our South American and Asia/Africa businesses.Sam Scott
We have successfully dealt with issues in South America many times before, and we believe we will work through this one as well.
Sam Scott
It has been an honor to be a part of Illinois' history, and we look forward to sharing another century of growth with the state that we call home. As we take time to celebrate this event, we look with appreciation to those who have helped us reach this milestone, including our predecessors, employees, neighbors, customers, vendors, and shareholders.
Sam Scott
Much has been accomplished to date, and we expect continuing improvements as we drive our actions and initiatives this year. All in all, we are optimistic about our Company's prospects in 2006 and our ability to continue to pursue profitable growth opportunities and achieve our stated long-term financial targets.
Sam Scott
We're pleased with our strong start to the year and the significant margin recovery in our North America region. Our lower South America results reflected pricing and cost pressures in Brazil and Argentina. Asia-Africa performed essentially in line with our expectations.
Sam Scott
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